7.1.5 Marks-Roos Reports

7.1.5 Marks-Roos Reports

Under California Government Code Section 6599.1(b) any joint powers authority (JPA) selling bonds under the Marks Roos Local Bond Pooling Act, on or after January 1, 1996 that uses the proceeds to acquire one or more local obligations is required to report annually on the fiscal status of the JPA bonds and the local obligations acquired until the final maturity120 of the authority bonds. These financings are identified as reportable Marks Roos issues. Both reports are due to CDIAC no later than October 30 each year.

1. Yearly Fiscal Status for JPA Issuers
   
   
2. Yearly Fiscal Status for Local Obligors

JPA issuers and local obligors are required to supply the following information in their Yearly Fiscal Status report to CDIAC:121

1. The principal amount of the bonds outstanding both JPA bonds and local obligations purchased with the proceeds of the JPA bonds
   
   
2. The balance in the reserve fund
   
   
3. The costs of issuance, including ongoing fees
   
   
4. The total amount of administrative fees collected
   
   
5. The amount of administrative fees charged to each local obligation
   
   
6. The interest earnings and terms of all guaranteed investment contracts
   
   
7. Commissions and fees paid on guaranteed investment contracts
   
   
8. The delinquency rate on all local obligations
   
   
9. The balance in capitalized interest accounts

Additionally, California Government Code Section 6599.1(c) requires all agencies issuing Marks Roos bonds, regardless of when sold, to notify CDIAC within 10 days of the occurrence of either of the following events:

1. The local agency or its trustee fails to pay principal and interest due on any scheduled payment date.
   
   
2. Funds are withdrawn from a reserve fund to pay principal and interest on the bonds issued by the JPA or on any bonds acquired by the JPA.

Beginning in 2011, CDIAC gave issuers the ability to voluntarily report the replenishment of any draw on reserve.